...January 22, 2020 FRANKFURT (S&P Global Ratings) Jan. 22, 2020--S&P Global Ratings said today that the ratings headroom for global automotive manufacturer Daimler AG (A-/Negative/A-2) has narrowed following the group's announcement that it expects 1.1 billion-1.5 billion additional charges related to ongoing governmental and court proceedings and measures relating to Mercedes-Benz diesel vehicles in various regions and markets. We currently assume under our forecasts that the related cash outflows will occur in 2021, presenting another hurdle for the group to reach S&P Global Ratings-adjusted free operating cash flow (FOCF) of more than 4 billion, which we consider commensurate with the 'A-' rating. We note that the timing of cash payouts related to ongoing proceedings are highly uncertain. No additional special charges are assumed under our forecast, and rating pressure could increase if Daimler incurred further substantial special charges related to diesel proceedings or compliance issues....
